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Proceeds of Crime (Jersey) Law 1999: Law drafting instructions for an Order

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A decision made 9 July 2025:

Decision Reference:  MD-ER-2025-508

Public

Subject: PTCs: Instructions to prepare an Order under Article 36(7) Proceeds of Crime (Jersey) Law 1999

 

Report Title: PTCs: Instructions to prepare an Order under Article 36(7) Proceeds of Crime (Jersey) Law 1999

Exempt (Article 35)

Decision(s):

The Minister for External Relations has decided to approve the submission of law drafting instructions for the preparation of an Order under Article 36(7)(a) of the Proceeds of Crime (Jersey) Law 1999 to designate the provision of private trust company business as low risk and disapply certain provisions of the Money Laundering Order 2008 (“MLO”).

Reason for Decision(s):

Under Article 36(7)(a) of the Proceeds of Crime (Jersey) Law 1999  the Minister may designate any operation or activity as low risk financial services business. Pursuant to an ongoing assessment of the risks involved, the provision of private trust company business (within the parameters outlined below) is anticipated to be assessed as having a low residual risk associated with it.  Proposed activity parameters: 1. The activity of providing private trust company business (as that term is defined in the Financial Services (Trust Company Business (Exemptions)) (Jersey) Order 2000) is a low risk financial services business where at least one member of the board of directors is:  a. an employee of; or   b. a representative of a company owned by,  a registered person registered to carry out trust company business.   2. A person described in (1) is required to register with the Commission under Schedule 2 of the Proceeds of Crime (Jersey) Law 1999.    3. Articles 7, 8, 9, 10, 11 and 11A of the Money Laundering (Jersey) Order 2008 do not apply in respect of a low risk financial services business described at (1).

Resource Implications: There are new financial and/or resource implications. Further detail is included in the detail section of the report.

 

Action Required: Principal Legislative Drafter to be requested to draft legislation.

Signature:

A close-up of a signature

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Signed By: Minister for External Relations

Date Signed:

09/07/2025

 

Date of Decision (If different from Date Signed):

 

 

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